BraindumpQuiz ACFE CFE-Fraud-Schemes-and-Financial-Crimes Practice Test

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ACFE CFE-Fraud-Schemes-and-Financial-Crimes Exam Syllabus Topics:

SectionObjectives
Fraud Schemes- Asset Misappropriation Schemes
  • 1. Skimming and cash larceny
    • 2. Billing and expense reimbursement fraud
      - Financial Statement Fraud
      • 1. Revenue recognition manipulation
        • 2. Asset overstatement and liability concealment
          Fraud Investigation and Analysis- Data analysis in fraud detection
          • 1. Trend and anomaly identification
            - Evidence collection and documentation
            • 1. Chain of custody principles
              Financial Crimes- Money Laundering
              • 1. Placement, layering, integration stages
                - Banking and Payment Fraud
                • 1. Wire fraud and electronic transfers
                  • 2. Check and credit card fraud

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                    ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q140-Q145):

                    NEW QUESTION # 140
                    _____________ involves purposeful misreporting of financial information about the organization that is intended to mislead those who read it.

                    Answer: A

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Fraudulent financial statements (or "fraudulent statement") refer to the intentional misrepresentation of financial condition, typically through overstating revenues, understating expenses, inflating assets, or concealing liabilities. The intent is to mislead stakeholders such as investors, creditors, or regulators.
                    * Analysis of Incorrect Options:
                    * B. Corruption - Refers to abuses of influence and conflicts of interest, not misreporting financial information.
                    * C. Asset misappropriations - Involve theft of assets, not misrepresentation of reports.
                    * D. None of the above - Incorrect since option A is correct.
                    * Key Concept: Financial Statement Fraud - misrepresentation of organizational performance and position.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud section
                    - Definition and Types .


                    NEW QUESTION # 141
                    A fraudster uses the name and picture of another individual to create a social media profile. This scheme can BEST be described as:

                    Answer: B

                    Explanation:
                    The correct answer is D. Traditional identity theft involves using the real identifying information of another person to impersonate that individual. Here, the fraudster uses another person's actual name and picture to create a social media profile, meaning the fraudster is posing directly as a real person rather than creating a hybrid or fictitious identity. Synthetic identity theft combines real and fabricated information to create a new identity, which is not described here. Criminal identity theft involves using another person's identity in a law enforcement or criminal justice context. New account identity theft is not the best ACFE category for this question because the facts emphasize impersonation using real identity information. The ACFE materials distinguish traditional identity theft from synthetic and criminal identity theft.


                    NEW QUESTION # 142
                    Which of the following scenarios is an example of an economic extortion scheme?

                    Answer: B

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Economic extortion occurs when someone demands payment or benefit under threat of harm (explicit or implicit). A government official demanding money in exchange for awarding a contract is classic extortion.
                    * Analysis of Incorrect Options:
                    * A - This is a billing scheme (fraudulent disbursement), not extortion.
                    * C - This is a kickback scheme (corruption).
                    * D - This is an illegal gratuity scheme (reward after action).
                    * Key Concept: Types of corruption-extortion vs. bribery vs. gratuities.
                    Reference: ACFE Manual, Corruption - Economic Extortion .


                    NEW QUESTION # 143
                    Which of the following are the classifications for Corruption?

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: According to the ACFE Fraud Tree , corruption is divided into four classifications: bribery, illegal gratuities, economic extortion, and conflicts of interest . These cover the major ways employees misuse influence for personal gain.
                    * Analysis of Incorrect Options:
                    * B. Corruption... - Redundant; corruption is the main category, not a sub-classification.
                    * C. Overbilling and bid-rigging - These are disbursement schemes, not corruption categories.
                    * D. Corruption repeated - Incorrect for the same reason as option B.
                    * Key Concept: Corruption classifications under the Fraud Tree.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Fraud Tree Categories .


                    NEW QUESTION # 144
                    Which of the following is a common way that dishonest contractors collude to evade the competitive bidding process?

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Market division and allocation agreements are a classic bid-rigging scheme in which contractors collude to evade competition by assigning territories, customers, or project types among themselves. This undermines free and open competition.
                    * Analysis of Incorrect Options:
                    * B - Fake contracts are not a recognized collusion tactic in competitive bidding.
                    * C - Publishing solicitations in different outlets does not evade competition.
                    * D - Submitting false invoices is fraud, but it occurs after contract award , not during the bidding process.
                    * Key Concept: Bid rigging and collusion in procurement fraud.
                    Reference: ACFE Manual, Corruption - Procurement and Bid-Rigging Schemes .


                    NEW QUESTION # 145
                    ......

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